Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
LMA updates cyber war & operation clauses
25th January 2023
The Lloyd's Market Association (LMA) has updated and replaced a number of its cyber war clauses related to the involvement of states and sovereign actors in cyber attacks and other operations. In particular, the LMA has focused the updates around the use of the term ‘sovereign state’ and how it would ... Read the full article
Trium Cyber appoints David Rock as Chief Claims Officer
23rd January 2023
Trium Cyber, a Lloyd's of London cyber insurance specialist, has hired David Rock as Chief Claims Officer of its US based services company. Both Rock and the Trium management team are based in the US, where they are focused on servicing the US market. In the role, Rock will directly oversee Trium ... Read the full article
UK insurers reported in talks on Pool Re expansion to cover cyber
20th January 2023
Amid growing concern over the safety net provided by the private sector, insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber attacks, suggests a report from the Financial Times. Pool Re, the UK Government's terrorism reinsurance scheme, was put in place in ... Read the full article
Hannover Re and Stone Ridge in $100m retrocession cyber quota share
19th January 2023
Hannover Re, one of the world's largest reinsurers, has, for the first time, transferred cyber risks to the capital markets via a proportional reinsurance solution, with New York-based Stone Ridge Asset Management supporting the transaction with USD 100 million of capital. The German reinsurer has created an additional retrocession tool that enables ... Read the full article
Cyber and business interruption are top risks for 2023: Allianz
17th January 2023
Cyber incidents and business interruption have ranked as the biggest company concerns for the second year in succession, according to the 2023 Risk Barometer report by Allianz, with economic and energy risks also on the rise. Cyber and business interruption were both flagged as top risks by 34% of the 2,700+ ... Read the full article
Cowbell advises SMEs on cyber catastrophe preparation
13th January 2023
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has released a whitepaper in which it lays out a path to model catastrophic cyber events in the SME market. According to the announcement, the firm’s goal is to to help SMEs prevent and recover from a cyber event of ... Read the full article
CyberCube model used for first cyber cat bond
11th January 2023
Cyber risk analytics provider CyberCube has confirmed that it acted as a modelling agent for the first private cyber catastrophe bond. CyberCube’s Portfolio Manager was utilized as part of the creation of a $45 million insurance-linked securities (ILS) transaction by Beazley, as previously reported by our sister publication, Artemis. Portfolio Manager ... Read the full article
Richard Spotswood named Head of Cyber at Newline
11th January 2023
Specialty insurer Newline Group has announced the appointment of Richard Spotswood as the new head of its Cyber Liability product team. In this position, he will oversee and lead the development of Newline’s global cyber portfolio. Spotswood brings 20 years of specialty and financial lines experience to Newline, including more than 10 ... Read the full article
Cyber loss picks stable at Jan 1 despite rate hardening: Gallagher Re
9th January 2023
Reinsurers aggregate excess of loss/stop loss cyber loss picks remained stable at 1/1, global reinsurance broker Gallagher Re revealed in its 1st View Report. Sharing its comments on the global cyber market at the January 1, 2023 reinsurance renewals, the broker said that despite significant rate hardening in underlying portfolios, "market ... Read the full article
Cyber insurance premiums on the rise for UK businesses
9th January 2023
UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, ... Read the full article
Beazley confirms placement of market’s first cyber cat bond
9th January 2023
Specialist re/insurer Beazley has now confirmed that it has sponsored a ground-breaking cyber catastrophe bond transaction, designed to cover remote probability catastrophic and systemic cyber events, with the potential for more deals later in 2023 and beyond. It was reported earlier by the Financial Times that Beazley, the London headquartered ... Read the full article
Beazley launches $45 million cyber catastrophe bond
9th January 2023
Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against "remote probability catastrophe and systemic events", opening up a much larger source of capital for the firm, according to a report by the Financial Times. It's been described as the first cyber ... Read the full article
Industry groups suggest any FIO response to cyber risk needs consideration
6th January 2023
A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents." The industry groups involved in the formation of the letter include the American Property Casualty Insurance ... Read the full article
Stage is set for real traction in cyber ILS in 2023, says CyberCube
6th January 2023
In CyberCube's 2023 cyber predictions report, the firm's CEO Pascal Millaire has suggested that the reinsurance value chain will work together with ILS fund managers to bring new cyber reinsurance capacity to the market. Millaire stated that cyber insurance has the potential to become one of the largest lines in the ... Read the full article
Cyber may be the most “underwrite-able line of business”: Ladeau, Trium Cyber
5th January 2023
In an interview with Reinsurance News, Josh Ladeau, Chief Executive Officer of Trium Cyber, syndicate 1322, explains what differentiates the firm from other underwriters of cyber risk. After gaining approval in November of last year, Trium Cyber is the first Lloyd’s-approved service company to provide coverage for US-domiciled cyber risks, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
